SANYO-PANASONIC/ANNOUNCEMENT (URGENT)

TOKYO, Nov 7 (Reuters) - Panasonic Corp (6752.T) said it aims to make Sanyo Electric Co Ltd (6764.T) its subsidiary and has agreed to start talks with the smaller rival for that purpose, in a move to create Japan's largest electronics maker.

The announcement comes as financial institutions as well as makers of flat TVs and digital cameras scramble to boost profitability and strengthen their financial standing amid the global economic slowdown.

Panasonic and Sanyo will hold a joint news conference at 7:00 p.m. (1000 GMT).

(Reporting by Kiyoshi Takenaka)